Workers’ Comp Settlement Calculator

Even though workers’ compensation is a system designed to help injured workers receive compensatory damages while unable to work, it can get quite complex. 

For instance, consider the value of the settlement you can recover.

Since every injury and situation is different, the answer won’t be straightforward. First, you have to be familiar with the basics, before relying on a workers’ comp settlement calculator to help you determine an average settlement you could receive.

The Types Of Benefits You Can Receive

In Florida, if you qualify for workers’ compensation, you can receive the following types of benefits:

1. Medical benefits

Under Florida law, you can receive compensation for the medical costs related to your injury. This includes both costs of treatment and those of diagnosis and recovery.

You can recover the full medical benefits until you make a full recovery or reach maximum medical improvement.

The costs covered typically include:

1. Doctor’s visit

2. Medical tests

3. Hospitalization

4. Medication

5. Medical devices such as prosthetics

6. Physical therapy

7. Transportation costs

You can include medical costs in your settlement. However, if you’re not familiar with how long it will take you to recover or the treatment you might require in the future, you can recover the lost wages from your settlement first.

If your physician has already outlined a treatment plan and assessed your long-term medical needs, you can settle the claim as early as you see fit.

2. Lost wages and other types of financial compensation

While medical costs are usually quite easy to calculate, a workers’ comp settlement calculator is going to be more complicated for lost wages. 

What helps is being familiar with the categories of disability benefits. You may also receive benefits from different categories while you’re recovering. 

These types of disability benefits are available:

1. Temporary total disability (TTD): Available to those who can’t work due to their injury and are calculated at 66 and two-thirds percent of your weekly wage. With more severe injuries, it’s possible to qualify for benefits that are 80% percent of your weekly wage. 

2. Temporary partial disability (TPD): You can collect these benefits if you earn less than 80 percent of your pre-injury wage after you go back to work with restrictions.

3. Impairment income benefits (IIB): Once you reach your maximum medical improvement but you’re not able to return to your job, you may receive these benefits which are based on a physician-assigned impairment rating.

4. Permanent total disability (PTD): Those who can’t work ever again qualify for PTD benefits. The full amount is based on the injuries and the circumstances of the case.

Permanent Impairment Ratings

In many cases, a workers’ compensation settlement calculator can be made much more simple by understanding all the different impairment ratings in the state of Florida. Many workers, unfortunately, suffer from permanent disabilities. 

To determine if the continued benefits are necessary, physicians use an impairment rating system which depends on the severity of the injury. For example, a traumatic brain injury carries a higher impairment rating than a sprained ankle.

Once you reach your maximum medical improvement, a licensed doctor will assign an impairment rating under Florida guidelines. They’ll use different standards to judge the severity of the injury. 

For instance, these guidelines may include restrictions on the range of motion, the aftermath of the injuries, any pre-existing conditions, etc.

If it’s determined that you have a rating higher than zero percent, you will receive benefits for your injuries. In other words, if the effects of your injuries are permanent, you will be owed benefits based on the permanent impairment percentage.

You will receive the following benefits:

1. Two weeks for every percentage point from 1 to 10%

2. Three weeks for every percentage point from 11 to 15%

3. Four weeks for every percentage point from 16 to 20%

4. Six weeks for every percentage point from 21% and above

More precisely, the payment will be 75% of your normal compensation rate. If your rating is determined to be 20% or higher, you are considered permanently disabled from working and you can receive workers’ comp benefits for the remainder of your life.

In case the insurance company doesn’t pay out these benefits within seven days of you being assigned an impairment rating, you can recover up to 20% plus interest in compensation.

Average Settlement Per Body Part

While it’s impossible to determine the exact monetary compensation since Florida doesn’t provide a scheduled loss award list, you can expect to get fairly compensated concerning your impairment. 

Depending on the injured body parts, you can receive varying amounts of compensation. According to a study, the average value for each body part lost in Florida is as follows:

1. Arm - $49,889

2. Leg - $110,000

3. Hand - $163,000

4. Thumb - $42,311

5. Middle finger - $14,525

6. Ring finger - $6,315

7. Index finger - $14,525

8. Foot - $65,045

9. Eye - $49,899

Why Should You Hire A Workers’ Comp Lawyer?

If your injury is relatively simple and doesn’t require serious treatment or any time off work, you can rely solely on a workers’ comp settlement calculator. For more serious injuries, you should hire a lawyer.

Let’s say  the insurance company claims your injury isn’t work-related or they say you missed a filing deadline. A lawyer can help you appeal the denial by navigating you through the system. More importantly, they’ll leverage their expertise to gather evidence and present your case at the hearing. 

The same applies to situations in which the insurance company doesn’t agree with the impairment rating your physician assigned to you. In these cases, a lawyer can help convince the judge that you deserve your disability rating and help you recover a fair settlement.

Additionally, if you have a preexisting condition or your benefits are late so you are unable to get the right medical treatment, a lawyer can help you prove your injuries are work-related and help get you the medical treatment you need to make a full recovery.

Contact Law Offices of RITE

You don’t need to go through this alone - hiring a lawyer can help you get peace of mind and guarantee you’ll be treated fairly by the system. 

When you involve a lawyer in the process, you are more likely to receive a higher settlement than if you filed your claim by yourself. Here at the Law Offices of RITE, we understand the laws in and out and know which tactics insurance companies will use to avoid paying you the full amount.

We’ll use every tool at our disposal to help make the workers’ comp process as painless as it can be and assist you in recovering more benefits.

Call (904) 500-RITE (7483) or send a message to info@rite4justice.com to book a free consultation now!

Note:

The information in this blog post is for reference only and not legal advice. As such, you should not make legal decisions based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.